BankBazaar eyes 400 mn visits in FY19

Leading financial marketplace, BankBazaar, recently announced that it recorded 90 million visitors in the final quarter of FY18. With 400 million visits expected in FY19, the company is looking to make 800 new hires across its locations in the current financial year.

BankBazaar saw 20X growth over the last few years and is well-positioned to take on the next wave of developments in the fintech industry.

“India is ramping up to a paperless economy and BankBazaar is contributing significantly towards this goal. With customers demonstrating their readiness to adapt to new-age financial buying, FY 2018 has been a year where we grew more than 100 percent in multiple categories. With a sustainable increase in our customer count, BankBazaar’s business and revenues are also shooting up proportionately. We are confident that FY19 will yield better results and consolidate our position as the top player in the financial services sector,” said Adhil Shetty, co-founder and CEO, BankBazaar.

With this round of hiring, the company aims to beef up their engineering capabilities to deliver a holistic and seamless purchase experience.

The majority of the hires would be for the technology and product domains, with almost 60 percent of them operating out of Chennai and a significant number based in Bengaluru.

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“The new hires will be working on extending the paperless, presence-less process pioneered by BankBazaar to newer products from a technology front, and implementing a customer-centric design to simplify the purchase process,” Shetty added.

BankBazaar hosts the widest range of financial products from over 85 of the biggest public and private sector banks, Non Banking Financial Companies (NBFCs), and insurance companies in India.

It closed the last quarter (December-February) with 90 million visitors.

The company raised USD 110 million through funding from investors such as Amazon, Experian, Fidelity Growth Partners, Mousse Partners, Sequoia Capital and Walden International.